Unrivaled announced $35 million in new funding as it approaches its inaugural season.

Milwaukee Bucks star Giannis Antetokounmpo, 23-time Olympic gold medalist Michael Phelps, South Carolina women's basketball coach Dawn Staley and USC star JuJu Watkins are among the notable figures who contributed during the Series A investment round.

"As women's sports continue to surge in popularity and impact, we're inspired by the growing momentum around Unrivaled and grateful for the strong support from our investors," Unrivaled president Alex Bazzell said. "Our players haven't even taken the court yet and the foundation we are building with our partners unites unparalleled expertise, strategic insight, and an incredible product. Together, we're setting the stage for Unrivaled for years to come."

Watkins is the most intriguing figure of the group because what her investment potentially says about her participation in Unrivaled down the road.

In August, UConn's Paige Bueckers signed an NIL deal with the new league that granted her an equity stake and reportedly lines her up to compete when her college career concludes. Striking a similar bargain with Watkins would be a major coup for Unrivaled, though they wouldn't be able to reap the full rewards for another few years since she's only a sophomore.

The Trojans guard wasted no time in emerging as one of the biggest stars in college basketball. She averaged 27.1 points and 7.3 rebounds as a true freshman, helping her school reach the Elite Eight for the first time since 1994.

USC is off to a 10-1 start in 2024-25, with Watkins once again leading the way. She's putting up 24.7 points per contest on 45.4 percent shooting.

For now, she'll be watching Unrivaled's exploits from afar.

The league, which is made up of six teams and uses a three-on-three format, tips things off Jan. 17 in Miami.